Home Prices Continue Rising, Inventory Remains Tight
For 15 years, In&Out Magazine has been the definitive source of “Everything that’s going on” in and out of the community. We thank you, our readers, as well as the businesses that support the magazine through advertising, for that opportunity. But with little going on, and many businesses suspending or canceling their ads during the Covid-19 crisis, we are suspending publication of the magazine and web sites for the month of May.
Sales of existing homes in June softened in four of five zones of NoPho, the I-17 corridor from Norterra to New River, but the total, 183, was just two less than last June. Prices rose in four of five zones, and price per square foot was up across the board.
Inventory remains tight across the region, and extremely tight in each of the four suburban areas.
Nationwide, year-over-year home sales were down 1.1 percent in May, the most recent month tabulated by the National Association of Realtors. The median home price nationwide was $277,700, up 4.8 percent year-over-year. Inventory nationally is at a 4.3-month supply, historically low.
See details by zone, including a list of every home sold:
NoPho resident Robert Roy Britt has written for In&Out publications since its inception in 2005. Britt began his journalism career in New Jersey newspapers in the early 1990s. He later became a science writer and was editor-in-chief of the online media sites Space.com and Live Science. He has written four novels. .